How to Convert Sports Betting Odds
The OddsJam odds converter makes it easy to switch between decimal odds, American odds, and fractional odds. Many bookmakers support all three odds formats. Of course, in the US, American odds are the most common. Decimal odds are the standard odds format in most countries, and the odds quote the potential payout should the bet win. As an example, if you wager $100 on 2.0 decimal odds and your bet wins, your total payout is $200 (2.0 x $100 = $200). This payout includes your initial stake, so you need to subtract your initial stake ($100) to determine your profit: $200 - $100 = $100 profit. As you can see in the odds converter, 2.0 is equivalent to +100 American odds and 1/1 fractional odds. American odds are the main odds format in the US. Positive figures (e.g. +200, +450) represent total profit should the bet win, assuming the bet size is $100. In other words, betting $100 at +200 odds means that you profit $200 if your bet wins. Negative figures (e.g. -200, -450) represent how much a bettor must wager to win $100 profit. In other words, if a wager is -200 odds, a bettor must place $200 to earn $100 profit. As shown in the odds converter, -200 American odds is equivalent to 1.5 decimal odds and 1/2 fractional odds. Fractional odds are mainly used in the UK, as well as Ireland. This odds format shows the potential profit should the bet win, quoted as a fraction of the stake. As an example, if you bet $100 on 1/2 (or 0.5) fractional odds and your bet wins, you will earn $50 profit (1/2 x $100). As shown in the odds converter, 1/2 is equivalent to -200 American odds and 1.5 decimal odds. The odds converter also calculates the breakeven win probability of a given odd, which can be very useful when evaluating a bet. For example, if you place a bet at +100 odds, then the breakeven win probability is 50%. You should only place this wager if you believe the “true” or “fair” probability of the wager winning is greater than 50%. On the other hand, if you place a bet at +900 odds, then the breakeven win probability is only 10%. You only need to win +900 wagers 1/10 times to breakeven. So if you evaluate a bet as having a 12.5% chance of winning, then this bet is mathematically profitable. The “true” odds are > 10%
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